The Bitcoin DeFi platform, Alex, was the victim of an $8.3 million exploit and promises a full refund.
The Alex Protocol was affected by an $8.3 million exploit on Stacks; users will receive a full refund in USDC after a structured claims process.
The decentralized financial platform Alex Protocol, which operates on the Stacks blockchain with Bitcoin, suffered a serious attack on June 6. The attack resulted in the loss of approximately $8.3 million in digital assets from the Stacks network, making it one of the largest incidents in the ecosystem. A vulnerability in the platform's self-listing verification system allowed the attacker to extract multiple types of assets.
The Alex protocol confirms an $8.3 million vulnerability in a security breach on the Stacks network.
The attacker managed to steal 8.4 million Stacks tokens, 21.85 Bitcoin Stacks, 149,850 USDC, 149,850 USDT, and 2.8 Wrapped Bitcoin. The protocol quickly acknowledged the breach through its official X channel and attributed the exploit to a failure in the smart contract verification logic.
The Alex Lab Foundation, which oversees the platform's operations, responded by announcing a full refund plan. The foundation confirmed that affected users will receive compensation in stablecoins USDC through a structured and timely claims process.
Structured Refund Plan Begins
Following the exploit, the Alex Lab team stated that it would distribute customized claim forms to affected wallets before June 8. These on-chain notifications will include the required documentation and wallet address submission forms for claim verification.
Users must complete and submit the forms no later than June 10. Compensation amounts will be calculated using the average on-chain exchange rates between 10:00 AM and 2:00 PM UTC on the day of the exploit.
